Global blockchain startup accelerator LongHash has launched an incubation program with the aim of turning early stage blockchain ideas into real-world working businesses. Backed by the Singaporean government, the program hopes to accelerate blockchain adoption in the country.

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LongHash to Support Five Startups

International blockchain incubator LongHash has picked its maiden batch, consisting of five early-stage projects, for the 12-week program.

LongHash picked five startups out of the 50 applicants seeking incubation assistance, taking into consideration a combination of factors such as technical expertise, the business model, and the team’s knowledge of the industry.

Reportedly, some of the selected projects include crypto wallets operating in tandem with smart contracts, an identity authentication program using biometrics, and a marketplace to trade green energy certificates.

Each selected startup will receive $100,000 USD in seed funding in return for five percent equity. In addition, the projects will participate in mentoring sessions from industry experts. The funding will be directed toward developing a business model, branding, fundraising, and administration.

Government Backing Blockchain Projects

Moreover, the incubation program is backed by Enterprise Singapore, a statutory board under the Ministry of Trade and Industry, formed to back innovative small and medium-sized enterprises.

The Singaporean government believes that blockchain technology can be utilized across a broad-ranging spectrum of sectors.

Yeo Meow, Director of New Industries at Enterprise Singapore, said:

“Blockchain is an emerging technology that can potentially benefit many industries with its application. We hope that LongHash can nurture more successful blockchain startups in Singapore through its network of experts and mentors.”

A Favorable Environment For Startups

With plans to back 30 blockchain startups in two years, LongHash sees Singapore as a favorable venue for the development of startup projects. In addition, the startup incubator hopes to draw in top-tier blockchain projects to set up offices in the island city-state.

“Singapore is a key strategic location for LongHash for three reasons 1) friendly regulatory environment and generous government support, such as Enterprise Singapore’s backing of LongHash; 2) vibrant South East Asia blockchain community with Singapore at the center of it; 3) vast amount of potential use cases for the use of distributed technology. We expect to see Singapore playing a pivotal role in shaping global blockchain technology landscape.”

Due to the country’s regulatory clarity, it has witnessed an increasing volume of ICO activity. Apart from that, agencies of the Singaporean government have helped crypto ventures easily set up projects in the country, making it a thriving test bed for blockchain startups.